Adam jee Life Annual Report 2022

ADAMJEE LIFE AS YOUR
TRUSTED INSURANCE PARTNER

At Adamjee Life, we understand the importance of building strong and
lasting relationships; those built on the foundation of trust, respect and
integrity. With our ethos towards continuous improvement, we intend to
provide our customers with the best solutions to secure their tomorrow,
today.
The company's financial backing by the Nishat Group and its

commitment to place customers first, has enabled it to become a trusted
partner in protecting customer’s financial well-being for the future.
What’s Inside
Table of
Contents
Annual Report 2022
01 5. Stakeholders Relationship
and Engagment
5.1. How Alife identifies it’s Stakeholders 44
STRATEGIC REPORT 5.2.

5.3.
Key Stakeholders
Stakeholders’ Engagement
44
45
5.4. Investors’ Relation 48
5.5. Investor Grievances 48
1.1. Company Overview 01
1.2. Our Purpose 01 6. Sustainability & Corporate Social
1.3. Group Overview 02 Responsibility (CSR)
1.4. Vision, Mission & Values 03
6.1. Sustainability 49
1.5. Key Financial Highlights 05
6.2. Corporate Social Responsibility 49
1.6. Strategic Objectives 06
02
1.7. Rating of the Company 07
1.8. Key Products and Customer Services 08
1.9. Company Information
1.91. List of Board Members 12
1.92. List of Management Personnel 13
1.93. Board & Management Committees 14
CORPORATE GOVERNANCE
Our Geographical Presence 16 55
1.98. Organizational Structure 17
1.94. Addresses of Support Functions 18
2. Chairman’s Review 59
1.95. Bankers 19
1.96. Head Office - Locations 19 3. Directors Report to the Shareholders 61
1.99. Management Profile 20
on Company’s Affairs and Future
1.10. Events Highlights 24
1.11. Awards and Accolades
Outlook
26
2. Internal & External Environment 4. Compliance with the Code of

Corporate Governance
2.1. Competitive Landscape and Market Positioning 27
2.2. PESTEL Analysis 29 4.1. Statement of Compliance with the Code of 79
2.3. SWOT Analysis 31 Corporate Governance
2.4. Internal Value Chain Analysis 32 4.2. Independent Auditor’s Review Report to the 85
members on Statement of Compliance with 86
3. Strategy and Resource Allocation the Best Practices of Code of Corporate
Governance
3.1. Strategic Objectives 33
3.2. Resource Allocation 34 5. Governance Framework
3.3. Strategies to Achieve Strategic Objectives 37
5.1. Ownership/Shareholding structure 86
4. Risk Management 5.2. Formal Orientation Course for Directors 86
5.3. Directors Training Program 87
4.1. Risk Management Policy 38 5.4. Policy on Related Party Transactions 87
4.2. Risk Management Framework 39 5.5. Policy for Actual and Perceived Conflict of Interest 87
4.3. Risk Management Governance Structure 40 5.6. Grievance Policy 87
4.4. Risk and Opportunity Report 40 5.7. IT Governance Policy 88
Annual Report 2022
5.8. Whistle Blowing Policy 88 2.8. Statement of Appointed Actuary u/s 52(2) 198
5.9. Human Resource Management Policies including 88
Preparation of Succession Plan
3. Window Takaful Operations
5.10. Health, Safety and Environment Responsibility Policy 89
5.11. Business Continuity Plan 89 3.1. Sharia Advisor Profile 199
5.12. Cyber Security Policy 89 3.2. Statement of Compliance with the Sharia Principles 200
5.13. Anti Money Laundering and Countering 90
3.3. Independent Reasonable Assurance Report to the 201
Financial Terrorism Policy
BOD on Statement of Compliance with the
5.14. Statement of Unreserved Compliance of 90
Sharia Principles
International Financial Reporting Standard (IFRS)
issued by the International Accounting Standard Board (IASB) 3.4. Sharia Advisor’s Report to BOD 203
5.15. Statement of Adherence with the 90 3.5. Statement of Financial Position 204
International Integrated Reporting Framework (IIR) 3.6. Profit & Loss Account 205
5.16. Statement of Directors u/s 46 91 3.7. Statement of Comprehensive Income 206
3.8. Statement of Changes in Equity
03
208
3.9. Cash Flow Statement 207
3.10. Notes to and forming part of the Financial Statements 209
FINANCIAL PERFORMANCE
AND REPORTING 04
1.1. Statement of Value Addition 95 OTHER INFORMATION
1.2. Last Six Years Statement of Financial Position 96
1. Geographical Presence 247
1.3. Last Six Years Statement of Profit & Loss 96
1.4. Last Six Years Summary of Cash Flow 96 2. Pattern of Shareholding 251
1.5. Last Six Years Capital Structure 97
1.6. Dupont Analysis 98 3. 252
1.7. Financial Ratios 99

4. Form of Proxy 266
1.8. Horizontal Analysis 100
1.9. Vertical Analysis 103
1.10. Segmental Analysis 104
1.11. Quarter Wise Analysis 105
1.12. Share Price Analysis 106
2. IFRS Financial Statements

2.1. Independent Auditor’s Report 107
2.2. Statement of Financial Position 112
2.3. Profit & Loss Account 113
2.4. Statement of Comprehensive Income 114
2.5. Statement of Changes in Equity 115
2.6. Cash Flow Statement 116
2.7. Notes to and forming part of the Financial Statements 117
01
STRATEGIC
REPORT
Annual Report 2022
Organizational
Overview
Company Overview
Adamjee Life has earned the trust of its customers by
providing reliable and innovative insurance solutions,
exceptional customer service and strong financial
stability.
Adamjee Life Assurance was formed as a result of a

collaboration in between Adamjee Insurance and Hollard
Insurance, two leading giants in the insurance market.
Since inception Adamjee Life has attained 12 years of
in-depth experience in the market, but it has a combined
68 years’ experience through the expertise of the Nishat
Group. The company has a diverse portfolio of products
which not only cater to saving and investment initiatives
but also on providing our clients with the protection they
deserve.
Our Purpose
We are driven to be a security net for our customers
giving them the confidence to live their lives to the
fullest with the knowledge that their future has been
protected against unplanned life events.
Our philosophy is derived from in-depth strategy,

research and customer insight; that has helped us in
defining a clearer vision, mission and unique
proposition in the market which embodies our mandate
as a company, to help the public make the right and
smart choice when it comes to securing their futures.
01
Annual Report 2022
Group Overview
Nishat Group is one of the premier business houses of Pakistan, with presence in all major
economic sectors of the country including Textiles, Cement, Banking, Insurance, Power
Generation, Hospitality Business, Agriculture, Dairy and Paper Products.
Along with a diversified presence in almost all economic sectors, Nishat Group also brings over
70 years of business legacy. The Group was founded by Pakistani business magnate Mian
Muhammad Yahya in 1951. Mian Muhammad Mansha is the current chairman of the group
Its Market Capitalization as on June 30, 2022 was about PKR 228 billion (about USD 1.1 billion).
The Group’s employees strength is around 43,000+. As on June 30, 2022, 63.7% of group market
capitalization was occupied by banking sector, cement 12.0%, textile 11.4%, power 8.1%, and
insurance 4.8%.
The Group has notable presence in following business sectors:
Banking & Agriculture

Financial & Farming,
Services Livestock &
Group Overview
Dairy
Cement Insurance
Hospitality Textiles
& Hotels
Aviation Energy
Paper
Packing Automobiles
Products
Real Estate
02
Annual Report 2022
Our Vision
To be the most trusted insurance partner
Our Mission
Adhere to exemplary sales practices, best in
class product packaging and
customer engagement
03
Annual Report 2022
Core Values
Value Creation
Create value in everything we do
Customer Focus
Always keep customer’s interest in mind
Openness
Foster a culture of trust and transparency
Respect
Promote mutual respect and inclusiveness
04
Annual Report 2022
Key Financial
Highlights
Gross Premium
PKR 20.95 BN
Investment Income
PKR 3.73 BN
Earning Per Share
PKR 1.99
Investments
PKR 60.77 BN
Equity and Reserves
PKR 3.75 BN
Benefits Paid
PKR 13.06 BN
Assets
PKR 69.17 BN Profit After Tax
PKR 0.498 BN
05
Annual Report 2022
Strategic Objectives
Capitalize strategic
Attain sustainable partnerships
Agency operations to capture digital
space
Create product
Excellence in
awareness and its
quality of sales
value proposition
and after sale
through trainings
services
Product innovation Reduce complains

to strengthen long term to less than 1% of the
value for our customers portfolio
06
Annual Report 2022
Rating of the
Company
Insurer Financial Strength (IFS) Rating: A++ (A Double Plus)
Outlook: Stable
Rating Agency: PACRA
07
A++
Annual Report 2022
Key Products and

Customer Services
Individual Life Products
With our aim to become the trusted partner for future financial security of our customers, we pride
ourselves to provide the public with products that focus on an individual level. With this deep rooted
ideology of customer first, the company has created products which can be tailored further as per
our clients needs.
Individual products are broadly bifurcated into two

different distribution channels, the first is
Bancassurance – a mutually beneficial stratagem,
in terms of a partnership with Pakistan’s leading
banks. This allows the public easy access and a
wide range of information that includes awareness
and information about how our products help the
customers Saving, Protection and Investment
needs can be accessed.
The second channel is our direct approach which

tends to be much more personalized called the
Agency. Through this channel we establish
personalized connections with our clients,
granting them time to get familiar with our
offerings at their own pace. Through this channel
too, we offer our clients products which they can
tailor to their own needs for Saving, Protection
and Investment.
Saving & Protection plans

Unit Linked Investment – Optional Riders
Conventional & Takaful options
Loyalty Bonuses
08
Annual Report 2022
Group Life Products

At Adamjee Life, it is our aim to offer beneficial plan based solutions to help corporations seamlessly
operate in today’s challenging business environment. Our offered solutions via extensive options are
not only beneficial for the employees’ but for the employer as well.
Fee Group
Continuation Takaful
Group
Saving Pension
plans
Group We provide an overall

Life exclusive package for each of our Credit line
Assurance client as per their corporate plans
requirement.
Saving & Protection plans Unit Linked

Investment – Optional Riders
Conventional & Takaful options
Individualized Dealings
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Annual Report 2022
Digital Products
Pure Insurance
The future is always unpredictable, no matter how well
you are set in life. Given today’s ever-changing
environment, you can never truly predict the future but
you can definitely prepare for it better with a life
insurance policy that provides a life insurance
coverage.
Family Sehat
You try to be cautious about your health, you eat
healthy, make healthy decisions for yourself but what if
you get any unexpected ailment and most importantly
at the time when your pocket was not ready for it. A
good hospital cash plan is a much needed step in this
direction. Not only does it ensure access to the best
medical care in times of need, but it also safeguards
your financial savings.
Corona Cover
The ongoing outbreak of the Coronavirus Disease
(COVID-19) is one of the biggest health concerns of
people this year. It causes a mild to moderate
respiratory (lung) infection which may lead to severe
pneumonia or death, especially for people who are
immunocompromised or have other chronic diseases.
Due to its highly contagious nature, health

authorities have advised social distancing and
maintaining good hygiene to prevent the spread of EASY & CONVENIENT, ONLINE
the virus. Despite taking precautionary measures,
Protection Plans – Health Plans
every individual is at risk of contracting the Family Health – Conventional &
virus. At a crucial time like this, it is important Takaful Options
to be prepared against the financial burden of
Coronavirus Disease (COVID-19).
10
Annual Report 2022
OPTIONAL RIDERS
Level Term Rider
Spouse Rider
Accidental Death & Disability Rider
Monthly Income Rider
Waiver of Premium-Disability Rider
Waiver of Premium-Death Rider
Critical Illness Rider
Hospital Cashback Rider
CALL CENTER SERVICES

Interactive Voice Response (IVR)
Call Center representatives
SMS Services (8487)
WEBSITE &
ONLINE SERVICES
Need Based Plan Finder
Online Claim Filing
Online Appointment
Coverage Calculator
Knowledge Center
11
COMPANY
PROFILE
Annual Report 2022
Board of Directors
Mr. S. M. Jawed
Chairman/Director
Mr. Umer Mansha

Director
Mrs. Naz Mansha

Director
Mr. Muhammad Ali Zeb

Director
Mr. Imran Maqbool

Director
Mr. Shahmeer Khalid Butt

Director
Mr. Ahmad Alman Aslam

Director
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Annual Report 2022
Management
Mr. Manzar Mushtaq Mr. Jalal Meghani

Chief Executive Officer Chief Financial Officer
& Deputy Managing Director
Dr. Bakht Jamal Mr. Ali Haider

Director Operations and Director Corporate Sales, Marketing,
Legal Affairs Bancassurance and Business Strategy
Mr. Amin Nizar Ali Mr. Muhammad Imran

Director Actuarial Services Hussain Siddiqui
and Risk Management Director Information Technology
Mr. Absar Azim Burney Ms. Zehra Faiz

Head of Direct Distribution Head of Human Resources
Statutory Positions
Head of Compliance Head of Internal Audit
Asif Mirza Samad Ali Naqvi
Company Secretary
Rahim Vallyani
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Annual Report 2022
Management &
Board Committees
Underwriting, Reinsurance & Co-insurance Committee
Member Category
Mr. Umer Mansha Chairman/Non-Executive Director

Mr. Manzar Mushtaq Member/Chief Executive Officer
Mr. Jalal Meghani Member/Chief Financial Officer
Mr. Amin Nizar Ali Member/Director Actuarial Services & Risk Management
Dr. Bakht Jamal Member/Director Operations & Legal Affairs
Mr. Danish Ali Khan Rajput Secretary/Head of Underwriting & Reinsurance
Claim Settlement Committee
Member Category
Mr. S.M. Jawed Chairman/Non-Executive Director

Mr. Ali Haider Member/Director Corporate Sales, Marketing,
Bancassurance and Business Strategy
Dr. Saquib Saeed Khan Secretary/Head of Policy Holder Services
Risk Management & Compliance Committee
Member Category
Mr. Muhammad Ali Zeb Chairman/Non-Executive Director
Mr. Asif Mirza Secretary/Head of Compliance
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Annual Report 2022
Ethics, Human Resource, Remuneration and Nominations Committee
Member Category
Mr. Shahmeer Khalid Butt Chairman/Independent Director

Mr. S.M. Jawed Member/Non-Executive Director
Mr. Muhammad Ali Zeb Member/Non-Executive Director
Mr. Umer Mansha Member/Non-Executive Director
Ms. Zehra Faiz Secretary/Head of Human Resources
Investment Committee
Member Category
Mr. S.M. Jawed Chairman/Non-Executive Director

Mr. Imran Maqbool Member/Non-Executive Director
Ms. Sidrah Kanwer Secretary/Assistant General Manager Finance
Audit Committee
Member Category
Mr. Shahmeer Khalid Butt Chairman/Independent Director
Mr. S.M. Jawed Member/Non-Executive Director
Mr. Samad Ali Naqvi Secretary/Head of Internal Audit
15
Annual Report 2022
Our
Geographical
Presence
Cities
KARACHI BAHAWALNAGAR BHAKKAR SARGODHA FATEHPUR
ABBOTTABAD SAHIWAL OKARA SANGLA HILLS MIRPURKHAS
SKARDU VEHARI KOT ADDU SHEIKHPURA HALA
KOTLI BUREWALA KAROR LAL ESAN JHANG NAWABSHAH
MULTAN DUNYA PUR KHANEWAL JHELUM SUKKUR
BAHAWALPUR MUZAFARGARH PAK PATTAN GUJRANWALA SHAHDADPUR
LAYYAH D.G. KHAN FAISALABAD JAMPUR SAKRAND
16
Underwriting & Reinsurance
Shariah Advisor
Committee
Board of
* Shariah Compliance Officer Claims Committee

Directors
Risk Management &
Board’s Audit Committee
Compliance Committee
Board's Ethics, HR, Remuneration

& Nomination Committee * Chief Information Security
Officer. (CISO)
CEO
Board’s Investment Committee Company Secretary
Head of Internal Audit Head of Compliance
CFO & DMD * Head of Risk Management
Director Information Solutions

Director Actuarial Services Financial Controller
& Technology
Director, Business Operations Director Corporate Sales, Marketing, Head of Window Takaful
Head of Human Resources Head of Direct Distribution
& Legal Affairs Bancassurance and Business Strategy Operations
Annual Report 2022
Sr. Manager General Affairs

* Head of Risk Management is managed by Director Actuarial Services, and the role of CISO is managed by Director, IST.
17
Annual Report 2022
Share Registrar
CDC Share Registrar Services Ltd. CDC House,
99-B, Block B, SMCHS Main Shahrah-e- Faisal, Karachi 74400
Phone No. (92-21) 111-111- 500
Fax No. (92-21) 34326031
Email: info@cdcpak.com
Statutory Auditors
of the Company
Yousuf Adil Chartered Accountants
Address: Cavish Court, A-35, Block 7 & 8 KCHSU,
Shahra-e-Faisal, Karachi-75350, Pakistan
Appointed Actuary
Alchemy Associates (Private) Ltd.
Address: 4th Floor, Central Hotel Building, Civil Lines,
Mereweather Road, Karachi, Pakistan.
Shariah Advisor
Mufti Muhammad Zubair Usmani
Legal Advisor
Bawaney & Partners
Address: 3rd & 4th floor 68-C, Bukhari Commercial Area,
DHA, Karachi
Asad Iftikhar
Address: Office no. 505, Commercial Trade Center,
Block 8 Clifton, Karachi.
18
Annual Report 2022
Bankers
Al Baraka Bank (Pakistan) Limited MCB Islamic Bank Limited
Askari Bank Limited Mobilink Microfinance Bank Limited
Bank Alfalah Limited National Bank Of Pakistan
Bankislami Pakistan Limited NRSP Microfinance Bank Limited
Dubai Islamic Bank Limited MCB Bank Limited
Faysal Bank Limited Standard Chartered Bank (Pakistan) Limited
Finca Microfinance Bank Limited Silk Bank Limited
Habib Bank Limited Telenor Microfinance Bank Limited
Habib Metropolitan Bank Limited U Microfinance Bank Limited
Khushhali Bank Limited United Bank Limited
Registered Office
Adamjee Life Assurance Company Limited,
Office # 505, 5th Floor, Islamabad Stock Exchange Building,
Blue Area, Islamabad, Pakistan.
Head Office
Adamjee Life Assurance Company Limited,
3rd & 4th Floor, Adamjee House,
I.I. Chundrigar Road, Karachi, Pakistan.
19
Annual Report 2022
The Management
Mr. Manzar Mushtaq is an alumnus of Clark University,

USA. He is an experienced business leader, especially
within the financial industry. Mr. Mushtaq has held many
leadership roles over the span of 19 years of his career.
From 2011 to 2013, he served as the Managing
Director/CEO of Adamjee Insurance Company. He then
moved onto hold the position of Chief Executive Officer at
Habib Metropolitan Financial Services Ltd in 2013 and
served 8 years in the same company. Previously, he was
also associated with Security General Insurance Company.
Manzar Mushtaq
Chief Executive Officer
Mr. Jalal Meghani is a Fellow member of the Institute of

Chartered Accountants of Pakistan (FCA) and is also a
Fellow member of the Institute of Chartered Secretaries and
Managers (FICS). Mr. Meghani has an overall experience of
more than twenty-eight years in financial management,
organizational development, and planning in diverse
business sectors, including 13 years in Adamjee Life. He
also spent 2 years in a senior management position
overseas in Sri Lanka and East Africa.
Jalal Meghani
Chief Financial Officer and
Deputy Managing Director
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Annual Report 2022
The Management
Dr. Bakht is an accomplished management professional
who brings with him twenty-seven years of national and
international working experience in the Life Insurance,
Family Takaful, and Medical Profession. He was previously
affiliated with the largest/oldest public sector life insurer
and youngest family Takaful operator in the capacity of
Head of Operations, Chief Operating Officer, and Head of
Window Takaful Operations with State Life including its
Dubai office, Dawood Family Takaful, and IGI Life
respectively. He has completed his MBBS, Medicine, and
Surgery from Sindh Medical College, Karachi. He is a
Master Fellow of the Life Management Institute (FLMI/M)
from Life Office Management Institute, USA.
Dr. Bakht Jamal

Director Business Operations
and Legal Affairs
Mr. Ali Haider is an accomplished management

professional with more than twenty years of experience in
various leadership roles within the insurance industry in
Pakistan and the UAE. Known for turning around
organizations, Mr. Haider has extensive experience and
expertise in areas of business & operations, developing
multi-faceted and building teams to reach targeted goals
pertaining to Health & Life Insurance.
Ali Haider
Director Corporate Sales, Marketing,
Bancassurance and Business Strategy
21
Annual Report 2022
The Management
Mr. Amin Nizar is an accomplished management

professional who brings with him over twenty-four years
of extensive experience in the insurance industry. He is a
fellow of the Society of Actuaries, USA, and has pursued
his Bachelor of Commerce from the University of Karachi.
He was previously employed with Allianz EFU Health
Insurance Ltd. as the Head of the Actuarial and Strategic
Planning Department, EFU General Insurance Ltd. as
Executive Vice President, and State Life Insurance
Corporation of Pakistan as Assistant General Manager
Actuarial.
Amin Nizar Ali

Director Actuarial Services &
Risk Management
Mr. Muhammad Imran Hussain has pursued dual Masters

in Computer Sciences and Physics from Preston University
and the University of Karachi, respectively. He was
previously affiliated with Centegy Technologies as
Executive Senior Manager, Sidat Hyder Morshed
Associates as Senior Manager, and Zellweger Uster AG
(Switzerland) as Field Engineer. Mr. Imran brings with him
eighteen years of relevant working experience.
M. Imran Hussain
Director Information Technology
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Annual Report 2022
The Management
Mr. Absar Azim Burney holds an undergraduate degree in

International Relations from Karachi University. He has over
34 years of experience in operational and sales
management. He had started his career with Shell Pakistan
the then Pakistan Burmah Shell Ltd. After that he moved to
insurance industry, worked with leading players in
insurance market in Pakistan and United Arab Emirates
where he served as Country Head for Adamjee Insurance
Company Limited. Before joining Adamjee Life he was
working as Chief Executive Officer of Linchpin Cluster
(Private) Limited, Pakistan a management consultancy firm.
Absar Azim Burney

Head of Direct Distribution
Zehra Faiz has 20 years of local and international

experience in HR, business operations, sales and
marketing. Her qualifications includes a Masters degree
in English Literature from Punjab University, post
graduate study in Information Systems Management and
Human Resource Management from University of
Canberra, Australia. Zehra started her career in 2002 in
Australia with telecommunication sector. Prior to this she
was employed as Director HR in Alsons Group. She was
also employed with Adamjee Insurance Company
Limited as Head of Human Resources.
Zehra Faiz
Head of Human Resources
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Annual Report 2022
Events Highlights
Pakistan Stock Exchange Listing
Launch of New Website Enhancing Loyalty Program
NBP Product Launch Annual Agency

Ceremony Sales Conference
24
Annual Report 2022
Women’s Day Celebrations Partnering with MMBL Bank
Career Fairs
LUMS IBA IOBM
Annual Banca Sales Conference - Turkey
Agency Antaliya Convention
25
Annual Report 2022
Awards and Accolades
15TH CONSUMER CHOICE AWARDS
14TH INTERNATIONAL NFEH CSR AWARD
BRAND OF THE YEAR AWARD 2021
BEST CSR AWARD BY GOVT. OF SINDH
26
Annual Report 2022
Internal and External

Environment
Competitive landscape and market positioning
The Rivalry
Threat Bargaining Bargaining between
of New Power of Power of Threat of Existing
Entrants Suppliers Buyers Substitutes Companies
Threat that the The substitutes

suppliers make the The intensity of rivalry
New entrants in an Powerful and perform the same or among existing players
industry bring most margins and influential buyers can similar function to
leave little room for can significantly limit
innovation, put a limit also squeeze the that of an industry’s the profitability
to profitability within other partners in the margins for the firm. product but by
supply chain to make proposition for the firm.
the industry. different means.
money.
The risk of new entrant As an insurance This is the most Life insurance products ALIFE has a very strong
is medium to low. The company, ALIFE powerful threat as are similar within the and coherent bonding
cost involved in starting considers its Customer can exert industry and therefore with its distribution
a new business is very distribution partners enormous force and so many substitutes are channels. ALIFE also
high. Further, the time especially institutional can influence the available to the expanding the inetwork
required to make the distribution channels pricing of the product. customers. ALIFE of distribution channel
business operative and (banks), as suppliers. addressed this threat by and more focused
self-sustaining is at These suppliers have There are multiple focusing on customer towards the hybrid
least 10 years. historically leveraged alternatives for service, generating models.
their position to procuring products and better returns on
The only chance is for influence customer services that are policyholders’ The main goal of the
financial institutions to choices when it comes available in the market. investment and Company is to establish
branch out and invest in to buying insurance. Customers have the enhancing overall a strong and
insurance business. right to demand lower customer experience. sustainable direct sales
This phenomenon is ALIFE has reduced the prices and higher channel.
also seconded by the risk by strengthening product quality. Large
fact that bancassurance the partnership with the corporate clients paying New and innovative
business is the key distribution channels, millions of rupees in products and
component of life focusing on hybrid premiums have sustainable & steady
insurance business and models (where the bargaining power too. returns of policyholders’
hence the new entrant customer dealing lies With the online fund would also help to
has to have with ALIFE), offering emergence of social manage this risk.
collaboration with some lucrative returns to media, and
bank in order to have policyholders and instantaneous access to
success. However, constant and consistent awareness of
both the banking and policy servicing to the coverages, pricing, and
insurance industries are customer. services, today’s
comparatively customer demands
consolidated industries more personalized
with fewer players. attention and care for
the premiums paid. To
meet these
expectations, ALIFE has
always ensured that the
product features for
which the customer is
paying should justify its
cost and also the prices
are market competitive.
27
Annual Report 2022
Macro Environmental Analysis

PESTEL is one of the strategic tools used by the management for business analysis on a broader
aspect. This is applied when the organization intends to expand the business.
Political
• Stability & Attitude of the
Government Technological
• Tax Policy • Use of Internet
• Support for Legislation & • Analytics and other tools
Implementation
Economical
• Growth of Economy Environment
• Unemployment • Management and
• Other factors affecting operations
Economy • Claim settlement
Social Legal
• Demographic variables • Regulatory Bodies
• Cultural & ethical aspects • Supporting Institutions
• Impact of Media
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Annual Report 2022
PESTEL Analysis
Political stability is vital for general well-being of economy and

growth of the industry. The law and order situation and political
unrest dictates the direction of equity and fixed income
Political Factors markets and hence the worth of policyholders’ investments.
Similarly, the economy of Pakistan played an enormous role in
the growth and survival of insurance industry.
During the year 2022, the economy went through a perilous

phase with decades high inflation, large twin deficits and
historic high interest rates. The IMF program also hanged in
limbo as the government was looking to protect its political
capital and reluctant to take harsh steps, with the general
Economic Factors elections scheduled ahead. The external position remained
fragile as foreign exchange reserves of the SBP stood at
5.8bn which is the lowest level since April 2014. The Rupee
depreciated to PKR 226.4/USD. Moreover, the PSX bleeds
over 4000 points amid the political crisis and uncertainty on
continuation of IMF program. Unemployment followed by
lower purchasing power of households making it very difficult
for insurance companies to pitch their product to masses.
Society’s culture and way of doing things impact the culture of

an organization in an environment. Shared beliefs and
attitudes of the population play a great role in how marketers
at ALIFE will understand the customers of a given market and
Social Factors how they design the marketing message for Insurance
industry consumers for instance, in Pakistan, the awareness
and demand of takaful products has significantly increased
during the last few years.
Technological developments change the mind set of society

and the ways of doing business drastically. The customer
wants access to information quick and real time and preferably
Technological Factors on his mobile. The Company has developed a mobile app for
customers to have a real time experience. ALIFE is very focus
on digitalization of its processes and sales.
According to the Global Climate Risk Index (2021), Pakistan is

ranked as the eighth country in the world most vulnerable to
long-term climate risk. The country has experienced extreme
Environmental Factors weather events in the past and continues to do so.Moreover, a
large customer base of the Company is associated with
agriculture. The recent floods in the Country has put certain
impact on the business volumes during the year.
The balanced and vigilant legal environment is vital for

industry to grow and to ensure ‘ease of doing businesses.
During the year, insurance industry has modified the products,
brochures, systems processes in order to comply with
Legal Factors requirements of Amendments in Unit Linked Product and Fund
Rules, 2015. These Rules are applicable from January 1,
2023.
The phase 2 of implementation of IFRS 17 was also completed
and submitted to SECP.
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Annual Report 2022
Critical Challenges and The

Company's Response
Critical Challenges ALIFE RESPONSE
Increasing Regulatory
Changes
IFRS 17
Economy and investment

returns
30
Annual Report 2022
SWOT Analysis
STRENGTHS W E A K N E SS OPPORT UNIT IES T HREATS
One
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ensure
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better
better
customer
customer
experience
experience
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Annual Report 2022
Internal Value Chain Analysis
SECONDARY ACTIVITIES
Equal opportunity employer Reporting is in compliance Risk identification, Data integrity, data security
Focus on employee with regulatory framework and categorization & mitigation & business continuity
development and trainings issued on timely and accurate plan Customer support APP
Identify critical changes that basis Strong internal controls Focus on paperless
should be made to Tax compliance Dedicated team for quality environment
performance management Integration between actuarial assurance of internal Implementation of business
Internal Value Chain Analysis

and training to accommodate and finance department for processes intelligence dashboards
a more remote workforce process improvement, pricing Compliance with Code of In-house built software with
Conducive work environment and valuation. Corporate Governance, AML competent support to end
to keep employees motivated Technical trainings for finance and other regulatory users
VAL
Effective grievance and actuarial team requirements of SECP
management Implementation of policies and
standard operating
procedures
UE C
Training and awareness
sessions
Wide variety of products for conventional insurance and takaful that covers all
REA
classes, age groups of society
Product development Promote innovation in product designing
Products available on digital channels
T
Designed more customer centric products
ION
Extensive branch network with a further expansion plan
Experience and competent sales force
Performance Marketing for Online Sales Generation using Social Media
Marketing, sales and Marketing, Public Relations & Corporate Communication and Advertising
distribution Update market messaging to reflect customer sentiment and product positioning
Adjust marketing mediums (e.g. print, mail, digital etc.) and expected impact
analysis to align with spend and return
Update and align marketing function to new needs, which must consider
messages, campaigns, mediums, ways of working, capacity and talent
Benchmarking of entity level risk to underwrite policies

Carry a well diversified portfolio to spread the risk
Evaluation of risk profile according to the policy
Underwriting
VA
Build technical capability in underwriters to recognize the developments in risk
management techniques and technology changes that may bring efficiency and
accuracy
LU
Review policy administrative processes to handle the policy and identify
EC
opportunities to automate and where necessary, reengineer the process to

Policy administration increase ef�ciency and decrease costs
R
Understand the consumer experience and the ‘moments of truth’ during the
E
maintenance of their policy

ATI
Explore and develop automated claims processing capabilities, with focus on

Claims Management developing operating model and staff capabilities to support a more automated
O
environment
N
Rigorous evaluation to avoid payments against fake claims
Engage the professional services to handle the investment and generate returns
that outperform the market.
Asset Investment Invest in diversified portfolio ranging from lowest risk securities to real estate to
Management get benefit from various opportunities while mitigate the corresponding risks
Assess investment strategies given challenging yield environment and shifting
views of economic recovery patterns
Dedicated hotline and WhatsApp for customers

Customer Experience Focus on digital means to make the process quick and effective
Dedicated team to handle complaints on priority basis
PRIMARY ACTIVITIES
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Annual Report 2022
Strategy and Resource Allocation

Short, medium and long term strategic objectives
TERM STRATEGY KPI
Short term
Medium term
Long term
33
Annual Report 2022
Resource Allocation
Resource Allocation to Achieve Strategies
Resources are a significant investment for most businesses. Therefore, organizations strive to utilize
them optimally for profitability and sustainability. Resource allocation is a process of planning,
managing, and assigning resources in a form that helps to reach the Company’s strategic goals.
A well thought out placement of resources will generate better results and will add to the bottom line
of the Company.
Companies that actively and routinely assess the use of their resources and where they create the
most value usually find themselves in a better position to improve operations and deliver higher ROI.
Type of Resources Description of Utilization
Financial Financial resources are used to finance the activities and operations
Resources of the Company and Company has adequate protocols to utilize
them efficiently.
Cash and liquidity management:

ALIFE has very strong controls over fund management. The fund
position is prepared on daily basis and reviewed by financial
controller and CFO.
Company ensures that there are adequate funds to pay-off all the
policyholders’ payments (like surrenders, maturities, claims, refunds
etc.) and other payments (including salaries, commission, vendor
related payment, etc.).
The admissible assets to total liabilities ratio of the Company 1.06

times
Fund and Investment Management:

ALIFE ensures that no idle funds are available at the day end. For
policyholders’ fund, the Company has entered into an outsourcing
arrangement with MCB Arif Habib which manages its funds while
ensure the returns are not less than the agreed benchmarks.
Management Investment Committee is responsible for monitoring the

performance of investments and a review report on fund’s
performance is also present to Board’s Investment Committee on
quarterly basis.
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Annual Report 2022
Human capital Human Capital Management is defined as the process of acquiring,

training, managing, retaining employees for them to contribute
effectively in the processes of the organization. In simpler words,
upgrading the existing skills of an employee and extracting the best
out of him/her refers to human capital management. The Company
has employed over 2000 employees and it is very focused on their
growth and constant training and development. ALIFE believes that
the more skillful the employees are, the more refined the results
would be. ALIFE is also strictly following the policy of succession
planning.
Physical capital
Intellectual capital
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Annual Report 2022
Social and Social capital is important because it represents the productive

relationship benefits of sociability. The importance of social capital cannot be
capital understated since it relates to every benefit of living in a society
rather than as a hermit. Social capital has been described as both a
glue and lubricant – a glue that holds societies together without
which collaboration and cooperation would not be possible; and a
lubricant that facilitates getting things done.
Social capital involves the shared values, norms, trust, and

belonging that make social exchange possible. Our society,
economy, institutions, and political system could not exist without
social capital.
ALIFE has for its vision to become a most trusted brand over the
years to come. In order to achieve that, ALIFE has a very clear policy
to maintain its reputation, attitude to dealing with customers and
other stakeholders. ALIFE believes in value creation and bonding
with its customers. Relationships with other stakeholders like
reinsurers, distributors, banks, vendors etc. are also based on this
long-term vision.
ALIFE has involved in various CSR activities ranging from education

to environment (the details can be found in CSR section of this
report)
Natural capital
36
Annual Report 2022
Strategies to Achieve
Strategic Objectives
Strategies in place or intended to be implemented to
achieve those strategic objectives
ALIFE is very focused toward achieving the long and short-term objectives that will feed into its
strategies. The expansion of direct and other distribution channels will eventually translate into
enhanced market share. The product development team is working in tandem with sales team to
ensure that products are not only customer centric but there must be some innovative element to it
that will make it ever more lucrative to customers. ALIFE is employing well-versed, energetic and
competent teams in both front and back end to ensure the quality of outcome. Technology is always
a win in the current environment where use of technology is common and accessible to masses.
ALIFE promotes use of technology for reduction of cost of operations and for bringing in more
efficiency to the operations.
37
Annual Report 2022
Risk Management
Overview
Insurance business is exposed to various risks and therefore, ALIFE believes that a strong, effective
and embedded Risk Management Framework is crucial to maintaining successful business
operations and delivering sustainable, long-term profitability.
Risk Management Policy

ALIFE has implemented a policy for Risk Management which clearly defines the objective,
roles and responsibilities for risk management, core insurance risks, financial risks, operational
risks and strategic risks. A related objective of risk management policy is to implement the
requirements stipulated in the Code of Corporate Governance for Insurers, 2016. The Code
defines several categories of risk that the insurer must manage, both strategically and
operationally. This Policy forms the basis of embedding Risk Management within the culture of
the Company. The key objectives of this Policy are:
Establish clear objectives, identify and evaluate the key risks, define risk appetite and
tolerance limits, and apply suitable risk responses including risk mitigation where needed;
To ensure that the risk management system within the Company is suitable and
proportionate to risks the Company is exposed to;
Enable the Company to meet its obligations and objectives and to have increased
knowledge and understanding of exposure of risk;
Assign responsibilities for effective risk management and monitor the effectiveness of the
system of risk and internal control management;
Reduce the consequence and/or likelihood of potentially damaging risks by regular reviews
of strategies for risk prevention and/or by transferring the impact of potentially damaging
risks to third parties e.g. by re-insurance and other financial arrangements;
Raise awareness of the need for risk management by all those connected with the
organization’s delivery of service; and develop a strong risk culture articulated by effective
Enterprise Risk Management (ERM) with involvement of senior leadership and embodied by
management at all levels through governance structure and risk management processes.
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Annual Report 2022
Risk Management Framework

The Enterprise Risk Management (“ERM”) framework forms the overarching framework for
management to deal with the various risks ALIFE may encounter, as well as their tracking and
monitoring. This also ensures that the Company has processes in place by which we assess the
risks that we are exposed to, both on a current and forward-looking basis.
ALIFE has adopted a framework for the risk management, which involves a continuous process to
identify, analyze, evaluate, and treat loss exposures and monitor risk which are documented within
the risk register, which captures the material risks that the Company faces. Identified risks are then
managed through the application of a set of policies.
The methodology and process of handling risk is as follows:
Risk Identification Reporting

Risks faced by the Company are Results of the Risk Management
identified and documented and Process are reported to the Board
further actions are formulated. Risk and senior management in their
management function maintains a capacity of oversight to provide
risk register that consolidates all assurance that risks are being
risks identified during the risk managed within approved risk
identification activity appetite of the company.
1 5
2 4
Assessment Monitoring
& Measurement 3
Risks are monitored
continuously to ensure that
deviations are logged,
Risk assessment includes reviewed, owned and
consideration of the effectively mitigated.
likelihood of a risk Monitoring of risks is carried
occurrence and the impact out on regular basis. Any
of a risk on the achievement breach of Risk Appetite and
Risk Response
of the Company’s Tolerance Limit is escalated
objectives. to the appropriate level of
and Action
management and
committees.
For each identified risk the

Company should establish
an appropriate “response”
option in order to optimize
risk management.
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Annual Report 2022
Risk Management Governance

Structure
The governance structure of the Company is defined in the following diagram:
BOD
01
Management’s Risk Management

& Compliance Committee
02 (“MRMCC”)
Risk Management Function

03
Risk Champions
04
Risk Owners
05
Risk and Opportunity Report

Risk Mitigation
40
Annual Report 2022
Risk Mitigation
Reserving (Provisioning) Risk

Reserve risk is the risk that the reserves booked in the
financial statements of the company for policyholder
liabilities would not be sufficient to pay off policyholder
obligations.
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Annual Report 2022
Risk Mitigation
Investment, Market and Interest Rate Risk

Market risk is the risk that the value of the financial
instrument may fluctuate as a result of changes in market
interest rates or the market price of the securities.
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Annual Report 2022
Risk Mitigation
Operational Risk
Operational risk can be described as the risk of loss due to
inadequate or failed internal processes, people, systems or
from external events
Strategic Risk
Strategic Risk is the risk to earnings and capital due to
incorrect and improper business decisions. It also refers to
the unintentional risks that arise as a result of strategy
development or execution.
This risk encompasses the range from increased
competition and innovation by competitors to losing market
share due to new entrants
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Annual Report 2022
Stakeholders Stakeholders
Relationship and
Engagement Primary Secondary Influential
How ALIFE identifies

(Often someone (Parties with an (Party that has the
with a direct interest in a influence on the
interest in the company, but they actions of the
its stakeholders business. They are
the individuals that
do not necessarily
benefit from it
business)
will benefit directly directly)

ALIFE categorizes different types from the actions of
the business)
of stakeholders as;
Employees (internal) Suppliers (external) Shareholders
Customers / Financial investors (external)
policyholders (external) Local Board of directors
(external) communities (internal)
Shareholders (external)Media Chief Executive
(external) (external) Officer (CEO)
Competitors (internal)
(external)
Regulators (SECP,
FBR, SRB, PRA)
(external)
Key Stakeholders
Shareholders Customers/
and Policyholders
Investors
Financial
Environment
Institutions
Adamjee Life
Assurance
Company
Limited
Community Regulatory
Authorities
Agents Employees
44
Annual Report 2022
Why they are Medium use for

Stakeholders Frequency
important to ALIFE engagement process
Customers/ We believe that loyalty and

Policyholders satisfaction of our
customers is the foundation
of our success. Individual
life insurance products are
by their very nature
long-term, so we place a
strong emphasis on the
customer experience from
the point of pre-acquisition
through claim. Our vision is
to become the most trusted
partner for customers.
Employees We foster a culture of

employee engagement as
our staff is our most
important internal
stakeholder. We are
committed to maintaining a
skilled and engaged
workforce driving a culture
of alignment, accountability
and action. Our employees
have a key role and have a
significant influence in
operational decisions.We
believe in constant
employee development and
succession planning.
Financial We always strived to make

Institutions long term strategic
partnerships with banks
(Corporate agents) to
increase opportunities for
bancassurance business.
We also employee and
utilize various services/
products offered by the
banks to bring in efficiency
in the transactions
(collection, payments,
investments etc.).
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Annual Report 2022

Agents We engage actively and

regularly with our agents
and consultants. Sales
agents are the front-line
forces who interact with the
customers and introduce
and define them the
product, the underlying
policy terms and conditions
and the allied benefits
hence they do help us build
more valued relationships
with our policyholders.
To give our customers the

best service possible,
agents and consultants
work in synergy.
Regulator As a matter of our

principles, we want to stay
compliant with all laws and
regulations.
We believe in having an
active dialogue with
regulatory authorities to
resolve matters that affects
insurance operations
including tax matters.
Shareholders and Our retail and institutional

investors shareholders are the owners
of the Company. Our prime
objective is to safeguard
their assets and maximize
the returns on their
investment.
We believe that their
engagement in decision
making process increases
their trust over the
management of the
Company.
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Annual Report 2022

Community We are committed to

making a difference in the
communities where we
work, live and serve our
customers. ALIFE was
involved in various CSR
programs during the year.
Environment We recognize our duty of

care with respect to the
environment and
consequently will maintain
as far as is reasonably
practicable, to undertake its
activities in such a way as to
minimize any impact to the
environment, whilst
conducting its business.
ALIFE was involved in
plantation drive, promoting
paper less environment,
water conservation
awareness etc.
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Annual Report 2022
Investors’ Relation Frequency
Adamjee Life is dedicated to giving its clients and stockholders the greatest experience possible
while generating long-term value for them. We make sure that reporting is reliable and open. The
company works hard to give investors and shareholders reliable financial information including
annual and quarterly reports, news announcements, which is then disseminated through a number
of channels, and the company website. The website's information is always kept current. The
website has a section specifically dedicated to investors that covers all potential areas of interest.
Investors Grievance
According to Adamjee Life, a company's relationships with investors are essential to its financial
health and rapid expansion. The organization's reputation is also reflected in its interactions with
investors. Thus, it is essential to establish a system inside the company for serving investors and
resolving their complaints in a way that complies with the law.
In accordance with this, the Company has made available on its website all pertinent information
regarding the Company, its directors, auditors, share registrars, financial data for the current and
previous six-year periods, and daily stock updates of the Company's shares quoted at the Karachi
Stock Exchange.
The principal point of contact for investors seeking to address their complaints and find solutions
on behalf of the Company is the Company Secretary. The management makes an effort to look into
and satisfactorily address any investor concerns and inquiries on priority basis.
Using an interactive connection on our website, an investor who is unsatisfied may also contact the
Securities & Exchange Commission of Pakistan (SECP) complaint cell.
Following contact details are available of Company’s website:
Name: Rahim Vallyani

Designation: Company Secretary
Contact: +92 21 38677100
Email ID:
investors@adamjeelife.com
rahim.vallyani@adamjeelife.com
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Annual Report 2022
Sustainability and Corporate

Social Responsibility (CSR)
SUSTAINABILITY
We are committed to creating a secure tomorrow for all - driving social initiatives that bring positive
change to our country. A strong and prospering society based on concept of inclusion, is essential
for corporate development.
For Adamjee Life, creating shared value is more than a responsibility. It is ingrained in the
organization's corporate goals. Our enthusiasm and objectives are channeled to positively influence
Pakistan, with an emphasis on education, health care, and community services.
CORPORATE SOCIAL RESPONSIBILITY (CSR)

Adamjee Life aspire to exceed the expectations of the business and endeavor to serve sustainable
social goals for the betterment of the whole nation. Adamjee Life has always been a strong
advocate of advancing Pakistan’s Sustainable Development Goals (SDG’s) and has pledged to
provide assistance to the state and the community in other such initiatives as well.
AL CSR wing – Nigehbaan, which strives to improve the lives in low income communities with
impactful investments. Nigehbaan CSR platform is thought of as an enduring responsibility
demanding organization to act ethically. Simultaneously, it supports the emotional and
humanitarian strength of the organization, which would ultimately improve the quality of life of
employees, their families, and the community.
ENHANCING ACCESS TO EDUCATION

Adamjee Life partners with Govt. of Sindh to Improve a local school’s Infrastructure
The company launched its Nigehbaan Education platform as a CSR initiative, which aims at
creating awareness and taking a small step towards the eradication of illiteracy in our society. As
part of this, Adamjee Life collaborated with Ministry of Education and revamped the Taimooria
Government Boys Primary School in North Nazimabad, Karachi.
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Annual Report 2022
SUPPORTING HEALTHCARE Frequency

INFRASTRUCTURE
Adamjee Life partners with Govt. of Sindh to Improve
Healthcare Infrastructure.
Adamjee Life and the Government of Sindh have

collaborated to improve the infrastructure of state led
health dispensaries in the province.
This initiative is part of the Nigehbaan CSR platform of

Adamjee Life that has led various education, environmental
and health programs in the past.
COVID-19 AWARENESS SESSION

AL believes it is important to create awareness on the topic of Covid-19. Therefore, training
sessions were arranged and conducted by Dr. Rozina Farhad Mistry who has a career of over 30
years in the field of public health and health promotion.
The aim of the sessions was to enhance the staff’s knowledge about the emerging variants of the
virus along with its mode of spread and its symptoms, myths about Covid-19 that are prevalent in
the community and to respond to the various queries about the vaccines and its possible
side-effects.
Each of the six sessions, was attended by 15 to 26 participants who actively participated during
Q&A. The Covid-19 awareness sessions provided the staff avenue to openly express their concerns
about the virus.
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Annual Report 2022
COVID-19 VACCINATION DRIVE FOR EMPLOYEES

& THEIR FAMILIES
Adamjee Life partners with Edhi foundation to arrange a vaccination drive for all employees
of Adamjee House.
Adamjee Life, with the help of Edhi Foundation conducted a building wide vaccination
drive to fight against the dreadful pandemic of COVID-19.
ADAMJEE LIFE & THE INDUS HOSPITAL SIGN MOU

As a gesture of continued support towards the Health Care sector of the country and
towards the Indus Hospital as part of its CSR initiative, Adamjee Life Assurance enters into
a mutually beneficial partnership with the Indus Hospital through a MOU signing. The
company earlier collaborated with Indus Hospital through an employee blood drive and
this is in effort of up the support Adamjee Life had already extended towards the hospital.
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Annual Report 2022
BLOOD DONATION DRIVE WITH THE INDUS HOSPITAL

As part of the company’s CSR Initiative, Adamjee Life sponsored another blood drive at its
headquarters in conjunction with Indus Hospital Networks.
Employees at Adamjee Life stepped in to assist the blood drive to help others, survive and thrive,
and the company's management, who were a splendid source of inspiration, illustrated the
importance of taking socially responsible acts.
An awareness session was also held beforehand for the employees who wished to participate.
Adamjee Life received an appreciation award from Indus Hospital Networks for its contribution to
improving healthcare in Pakistan
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Annual Report 2022
HEATWAVE RELIEF CAMPS

Following the Pakistan Meteorological Department's (PMD) heatwave warning, Adamjee Life, in
collaboration with the Sindh Govt., established a heat stroke prevention camp as a first response
initiative in order to provide relief to affectees as part of their CSR platform, Adamjee Life
Nigehbaan.
Adamjee Life also donated a Heat Wave ward to the Sindh Government’s Nazimabad Mother &
Child Hospital, as a gesture of continued support towards the country's healthcare sector in addition
to our previous efforts to continue supporting institutions at the state Government level.
Also Adamjee Life Nigehbaan partnered up with First Response Initiative of Pakistan (FRIP) for
safety & response, airway & breathing, circulation & heatwave awareness session at Adamjee Life
head office for its employees and associates. The attendees were later certified by the FRIP.
HONORING FRONT LINE WORKERS IN RAMADAN

Adamjee Life recognizes the hard work of first responders, who relentlessly serve the community
throughout, at all hours, including during the Holy Month of Ramadan.
This Ramadan, Adamjee Life sought to honor these front line workers, whether police, traffic police,
ambulance drivers, charity organization representatives, or emergency workers, and offered them
meals for their Iftar/Sehri.For this, we choose the three metropolitan cities in Pakistan of Karachi,
Lahore, and Islamabad. We drove around the cities distributing meal boxes to these hardworking
men and women as a way to show our support.
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Annual Report 2022
ADAMJEE LIFE SPONSORS

SMART HOSPITAL SUMMIT
Adamjee Life is honored to be a part of the
Smart Hospital Summit in Karachi, where
ideas for the betterment of services today and
the journey towards the future of healthcare
was discussed with stakeholders from all
walks of life.
It was truly a constructive day which will help

drive ideas forward in field.
ADAMJEE LIFE WORKING

TOWARDS A PROMISING PAKISTAN
Adamjee Life strives to work towards a #PromisingPakistan, where we lead by example as a part of
our continuous efforts for improvement in education and the health sectors.
The company donated wheelchairs to the Indus Hospital and Health Network, and also offered full
scholarships for students at St. Joseph Convent School Karachi. These were initiated by engaging
the social media audience through User Generate Contest.
Further, to make sure the future of our upcoming generation rests under the shade of our efforts.
Multiple benches with shades were also installed at St. Joseph Convent School Karachi, for the
students to relax and revive under during their free time.
Wheelchairs to hospitals & full scholarships

in your name
54
02
CORPORATE
GOVERNANCE
Annual Report 2022
Directors Profile
Shaikh Muhammad Jawed was previously a Director of Din

Leather (Pvt) Limited and has vast experience of running a
modern tannery. Due to his technical expertise, Din
Leather has received several export performances awards,
merits as well as best export performance trophies for the
export of Finished Leather from Pakistan and the
company’s contribution is earning valuable foreign
exchange for the country. Due to excellence in quality and
supply, the company has also received a Gold Medallion
S.M. Jawed Award from the International Export Association, UK. He
has received technical education in Leather Technology
Chairman/Director
from Leather Sellers College, UK.
Mrs. Naz Mansha has over 34 years’ experience as a

Director on the Board of different companies. She has been
associated with D. G. Khan Cement Company Limited
(DGKC) since 1994, She is also a Chief Executive of Nishat
Linen (Private) Limited, a subsidiary of Nishat Mills Limited
and Director/Chief Executive of Emporium Properties (Pvt)
Limited and Director on the Board of Golf View Land (Pvt)
Limited.
Naz Mansha
Director
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Annual Report 2022
Directors Profile
Muhammad Ali Zeb is a fellow member of the Institute of
Chartered Accountants of Pakistan and completed post
graduate diploma in Organizational Leadership from Saïd
Business School, University of Oxford. He has over 24
years of diverse experience in the Manufacturing, Financial
and Insurance sectors. He started his professional career
from Nishat Mills in 1995 and joined Adamjee Insurance as
the Chief Financial Officer in 2005 where he was promoted
as Executive Director Finance. He was appointed as the
Chief Executive Officer in 2008 and remained in this
position until March 2011. Before rejoining Adamjee
Insurance as the Chief Executive Officer in June 2013. Ali
M. Ali Zeb also served as the Chief Financial Officer at City School
Director (Pvt) Limited. He has served as the Chairman, Insurance
Association of Pakistan in 2014.
Imran Maqbool served as President & Chief Executive

Officer of MCB Bank Limited (MCB) for nine years. Before
taking on CEO position, he severed MCB for ten years in
senior management positions covering Retail, Islamic,
Corporate, Special Assets and Sri Lanka Operations of the
Bank. Prior to joining MCB in 2002, Mr. Maqbool worked in
local banking operations of Bank of America and Citi Bank
for more than 17 years. He is a seasoned professional with
over 36 years of diverse banking experience. Mr. Maqbool
has served as Board member of multinational and local
companies, including Vice Chairman of Pakistan Banks'
Association. He holds MBA degree from Institute of
Business Administration (IBA) Karachi and MS in
Management from MIT Sloan School of Management, Imran Maqbool
Massachusetts USA. Director
56
Annual Report 2022
Directors Profile
Mr. Umer Mansha completed his bachelor’s degree in
business administration from Babson College, Boston,
USA. He has been Chief Executive of Nishat Mills Ltd.
since September 08, 2007. He is also the Chairman of the
BoD of Adamjee Insurance Company Limited. He has
been serving on the Board of Directors of various listed
companies for more than 23 years. He also serves on the
Board of MCB Bank Limited, Nishat Dairy (Private) Limited,
Nishat Hotels and Properties Limited, Nishat (Aziz Avenue)
Hotels and Properties Limited, Nishat (Raiwind) Hotels and
Properties Limited, Nishat (Gulberg) Hotels and Properties
Umer Mansha Limited, Nishat Developers (Private) Limited and Nishat
Director Agriculture Farming (Private) Limited.
Mr. Shahmeer Khalid Butt is a corporate finance and

investment professional and has worked in different
organizations in Pakistan and United Arab Emirates.
Currently, he also serves as an Executive Director in Next
Pharmaceuticals, being responsible for strategy, financial
planning, marketing, and other operational areas. Prior to
this, he served as Corporate Finance Analyst for Al Futtaim
Private Company during which he led the planning, design,
execution and closing of a major SGD 2 billion internal
recapitalization which resulted in significant tax and interest
savings. He holds a BSc (Hons) degree in Investment and
Financial Risk Management from Cass Business School at
University of London. He also holds membership of
Lahore’s chapter of Entrepreneurs Organization (EO) which Shahmeer Khalid
is a global peer-to-peer network of more than 14,000 Director
influential business owners in 61 countries.
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Annual Report 2022
Directors Profile
Mr. Ahmad Alman Aslam has four decades of professional
experience in investment banking, corporate finance, and
advisory services. He started his career with Citibank in
1975 and served there in various capacities over a period
of 28 years. He also served as the Managing Director,
based in New York, responsible for all debt issued by
borrowers in the emerging markets. Mr. Aslam has also
served as an advisor to EMP Washington, a US$ 6 billion
private equity fund.
In Pakistan, he has served on the boards of the State Bank

Ahmad Alman of Pakistan, OGDC, Adamjee Insurance, IGI Asset
Management, Punjab Coal Mining Company, The Bank of
Director
Punjab, Punjab Small Industries Corporation and the
Private Power and Infrastructure Board. Mr. Aslam has a
Masters’ degree in Business Administration from Punjab
University and has attended the program for Management
Development at Harvard University, Cambridge.
58
Annual Report 2022
Chairman’s Review
Dear Shareholders,
On behalf of the Board of Directors, I would like to present the Annual Report of Adamjee Life Assurance
Company Limited (the Company) for the year ended December 31, 2022 and to share with you the overall
performance and effectiveness of the role played by the Board.
Pakistan continues to offer tremendous potential for life insurance opportunities. With a life insurance
penetration rate of 0.7% (gross premium as a % of GDP), the country globally ranks as a significantly
underinsured market, thus highlighting the sizable potential for current and future growth. During the year 2022,
the Company has faced the challenge of rising inflation which in turn has reduced the disposable income of
the masses, resulting in lower saving and insurance expenditure.
Despite an uncertain economic and political situation, the Company was still able to post a significantly higher
Profit before tax (PBT) of Rs. 810 million depicting an increase of 250% compared to same period last year.
However, the improvement in PBT was partially offset as a result of imposition of additional 4% Super tax with a
retrospective effect containing the increase to 184% in Company’s profit after tax.
The alignment between the Board and the management team has made this result possible and I am pleased
to have such an engaged Board that provides guidance to the management teams which have been a pivotal
part of such financial results.
The Board is knowledgeable about the Company's current business activities and has an effective process for
tracking activity with performance. The Board has completed its self-evaluation and also assessed the
performance of the Chief Executive Officer for the year 2022 and I would like to inform you that the overall
evaluation and performance measured on the basis of approved criteria for the year was satisfactory.
The Board has performed its duties and responsibilities diligently and contributed effectively in guiding the
Company in strategic and governance matters. All Board members, including directors, fully participated in
and contributed to the decision making process of the Board. The Board has established policies that covers
all major areas of Board responsibilities and operations of the Company.I am also delighted to report that the
Corporate Social Responsibility efforts by the company were acknowledged by the society.
The Audit Committee and the Human Resource, Remuneration and Nomination Committee were chaired by
the independent directors, indicating our commitment to the highest levels of governance and transparency.
The Audit Committee has continued to monitor the financial reporting processes and ensuring timely and
accurate communication of information to all stakeholders.
The Board has a fiduciary responsibility for the proper direction and control of the activities of the Company.
This responsibility includes such areas of stewardship as the identification and control of the Company's
business risks, the integrity of management information systems and transparent reporting to shareholders.
I have strong confidence that the Company will continue to grow and Board will play its strategic role in
assuring sustainable growth of the business and to maximize return for its shareholders.
I would like to place on record, my sincere appreciation for devotion of duty, loyalty and hard work of the
executives, officers and staff members for smooth running of the Company's affairs and hope that they will
continue for enhancement of productivity with great zeal and spirit. And thanks to all the Government
functionaries, banking and non-banking financial institutions and shareholders for their continued support and
cooperation for the betterment and prosperity of the Company.
Karachi: February 10, 2023 Sheikh Muhammad Jawed

Chairman
59
Annual Report 2022
2022 31 ( )
( ) 0.7
2022
250 810 ( PBT)

4 PA T
184
2022
60
Annual Report 2022
Directors Report to the

Shareholders on Company’s
Affairs and Future outlook
The Directors of Adamjee Life Assurance Company Limited take pleasure in presenting their
Annual Report together with the Audited Financial Statements of the Company for the year ended
December 31, 2022.
Financial Highlights
The highlights for the period under review are as follows:
31 December 2022 30 December 2021

Audited Audited
---------- Rupees in ‘000 ----------
Gross Premium 20,948,801 20,658,169

Net Premium 20,315,452 20,128,118
Investment income 3,734,153 3,128,020
Net Benefits paid to and reserved for policyholders 19,171,741 18,595,929
Acquisition & other operating expenses 4,067,554 4,429,004
Profit before tax 810,310 231,205
Profit after tax 497,702 173,804
Size of Statutory Fund 61,810,326 56,677,955
Shareholders’ Equity 3,748,290 3,249,728
---------- Rupees ----------
Earnings Per Share 1.99 1.03
61
Annual Report 2022
Performance Review
The year 2022 has been particularly challenging for our Country in the wake of significant
macroeconomic imbalances, daunting CPI inflation, political uncertainty and unprecedented
losses inflicted by the monsoon flood in Sindh and Baluchistan. These factors have resulted in
tremendous pressure on the disposal income of the masses.
Despite the fact that insurance penetration is also correlated with economic growth and
disposable income, both of which have been negatively impacted by political turmoil and
inflationary pressure, our business partners and effective direct sales force have continued to
maintain their reach to the prospects, underpinning the need to hedge uncertainties of life.
Under these tough economic conditions, the Company’s new business from regular premium
policies declined by 17.94%, whereas the Company’s renewal premium & corporate group life
business grew by 10.21% and 36.97% respectively; thus the total gross premium of the
Company was 1.4% higher than the last year. It is pertinent to note that the industry’s business
from Bancassurance distribution declined by 2.5%, whereas industry’s business from direct
distribution, in private sector, has also registered negative growth.
The Company’s underwriting surplus (profit before management expenditure and income from
Shareholders’ fund) has increased to Rs 1,783 million as compared to Rs. 1,441 million in the
last year, registering an increase of 19.18%. The increase in underwriting surplus is mainly
attributable to higher income on interest based securities invested against solvency & other
reserves in statutory fund, higher fund management fee due to increase in the size of renewal
book & hence the fund size and better mortality experience than last year.
The Company’s net income from shareholders’ fund has risen significantly to Rs. 208 million
as against Rs. 73 million in the last year. The rise is attributable to return on increased paid up
capital of the Company through issue of right shares in late 2021 which is mainly invested in
Government Securities and Mutual Funds.
The Company has been able to exercise prudence and control over its expenditure duly
warranted due to economic situation. The total expenditure was 4.65% lower as compared to
last year, this is commendable considering high inflation which prevailed during the current
year.
The resultant profit before tax of the Company has thus increased to Rs. 810 million as
compared to Rs. 231 million in the last year, generating an earnings per share of Rs. 1.99 for
the year.
The fall in the equity market in the reporting period has also impacted returns on the
policyholders’ fund which are majorly invested in equity market. The absolute return on such
fund was -6.36% whereas the return on KSE 100 index was -11.27% in the same period.
Nonetheless, the returns and cash value has significantly improved in the funds which are
majorly invested in comparatively low risk, debt and money market instruments due to
historically high interest rates. The average net return on such funds is approx. 14% p.a. The
return on these funds is likely to improve in future after averaging for further rise in interest
rates.
62
Annual Report 2022
The Company’s Claims Settlement Ratio within 90 days of intimation was (83%) and the Company’s
Complaint Closure Ratio within 30 days was 92%.
The Company’s size of Statutory Fund was Rs. 61.8 billion as of December 31, 2022, registering an
increase of 9% over the period of one year.
There was no major development in the matter of petitions filed by the Company and other life
insurance industry players in the Hon’ble High Courts of Sindh and Lahore, against the levy of
Sindh Sales Tax on Services (SST) and Punjab Sales Tax on Services (PST) by the Sindh Revenue
Board and Punjab Revenue Authority (PRA) respectively. The Company has not provided any
liability against this levy as it believes that such sales tax on services cannot be levied on Life
Insurance Premium.
Window Takaful Operations

The gross contribution generated from Window Takaful Operations was Rs. 4.166 Billion (Dec 31,
2021: Rs. 4.238 Billion). The profit before tax that has been reported for December 31, 2022
amounts to Rs. 184 million, which is an increase of 18.5% from the corresponding period i.e. Rs.
155.5 million. The new business mix of takaful was 38% as against 49% in the last year.
Future Outlook
The management of the company is fully cognizant of the economic situation of the country and is
taking all necessary measures to manage these challenges. The year 2023 is likely to be a very
challenging year on economic front. Further tightening of fiscal and monetary policy due to
unprecedented balance of payment crisis will put significant pressure on people disposable
income. The revised GDP growth projection for the country is 2% for the FY 2022-23 with inflation
projected to the level of 21%.
The Company’s growth of new business is likely to remain subdued with some increase in lapse
ratio of current portfolio. However the fast-developing digital arena and the Fintech continuously
excites us of its potential to increase insurance penetration in the country thru small ticket large
scale sales. We are proud to report that our direct sales force has been able to sale it first long
term investment linked policy from proposal to policy issuance completely from our digital platform.
The Company will continue to analyze situation carefully to explore new opportunities, new market
and to incentivize policy holder to keep their policies active.
Having said that, Company is more than sufficiently capitalized, all its statutory funds are
adequately solvent with total reserves of 1.25 Billion over its paid up capital. The Company does
not see any downside impact on its equity while the country will grapple to manage economy in
2023.
Earnings per Share

The basic and diluted earnings per share for the year 2022 was Rs. 1.99 as compared to Rs. 1.03
in 2021.
63
Annual Report 2022
Insurer Financial Strength Rating (IFS rating)

The Pakistan Credit Rating Agency Limited reviews the Company's IFS rating on an annual
basis. On June 29, 2022, the most recent annual assessment was completed, and the
company's IFS rating was confirmed at A++, with a "Stable" Outlook. The grade takes into
account the Company's strong capacity to fulfil its contractual and policyholder commitments.
The Company's operations under both the Conventional and Window Takaful Operations showed
growth patterns and a premium base that contrasted favorably to rivals, according to the PACRA
rating assessment.
Awards and Accolades

The Company continued to add more feathers to its cap during the year 2022:
• Emerging brand of the year Award
• NFEH CSR Award (National Forum for Environment & Health Award)
Code of Conduct & Business Ethics

Adamjee Life has established a Code of Conduct, which outlines the duties and responsibilities
of all stakeholders, including board members, employees, and the company itself. This Code is
based on the company's Corporate Strategy, Vision, Mission, and Core Values, and is a crucial
aspect of the company culture. The Code of Conduct can be found on the company's website,
and has been effectively communicated throughout the organization.
Corporate Social Responsibility

Adamjee Life aspires to be "Nigehbaan" and is a good corporate citizen. By establishing a clear
focus and allocating resources in a way that has a positive influence on the Company's CSR
endeavors and contributions, the Corporate Social Responsibility (CSR) and Donations Policy,
which was adopted by the Board, offers a guiding framework for realizing our goal.
CSR initiatives during the year

• MOU signing with Indus Hospital Network, as gesture of continued support towards the health
care sector of the country
• Blood donation drive in collaboration with Indus Hospital
• Heat Wave Campaign in collaboration with Sindh Government
• Heat Wave Campaign in collaboration with First Response Initiative of Pakistan
• Ramzan Campaign for Frontline Workers and Traffic Police
• Life Promising Pakistan Campaign - brings into the limelight all the good that the people of
Pakistan have accomplished.
64
Annual Report 2022
Board Evaluation Mechanism

As required by the Code of Corporate Governance Regulations, the Board of Directors of the
Company has a framework in place for evaluating both the performance of the Board and that
of its committees on an annual basis. These review processes are conducted yearly by the
Board of Directors and the Board Committees.
Directors' Compensation
The Board of Directors is empowered under the Company's Articles to periodically determine
the compensation for Non-Executive and Independent Directors. A "Board Remuneration
Policy" has been authorized by the board of directors. Except for the meeting fee for attending
the Board meetings strictly in accordance with the policy, the Company does not provide any
other compensation to its non-executive directors. The compensation given to the directors
including the cost of attending board or board committee meetings, has been properly stated
in note 41 of the financial statements.
Compliance with the Listed Companies (Code of Corporate Governance) Regulations, 2019,
Code of Corporate Governance for Insurers, 2016, and with PSX Rule Book
As a listed life insurance company, the Company abides by the rules of the PSX Rule Book, the
Listed Companies (Code of Corporate Governance) 2019, and the particular Code of
Corporate Governance for Insurers, 2016. The Statement of Compliance, which relates to these
standards, is appended to the Annual Report.
Board of Directors
A total of four non-executive directors, one female director, and two independent non-executive
directors make up the board of directors for the company.
According to the mandated gender diversity, the Board of Directors is made up of the following:
Member Category
Mr. Ahmad Alman Aslam Independent Director

Mr. Shahmeer Khalid Butt Independent Director
Mr. Umer Mansha Non-Executive Director
Mrs. Naz Mansha Female Director
Mr. Shaikh Muhammad Jawed Non-Executive Director
Mr. Imran Maqbool Non-Executive Director
Mr. Muhammad Ali Zeb Non-Executive Director
65
Annual Report 2022
Board
BAC EHRRNC BIC AGM
Meeting
No. of Meetings held during 2022 6 4 2 4 1
Mr. Shaikh Muhammad Jawed 6 4 2 4 1

Mr. Umer Mansha 5 2 2 1 1
Mrs. Naz Mansha 3
Directors
Mr. Muhammad Ali Zeb 6 4 1 4

Mr. Imran Maqbool 6 3
Mr. Ahmad Alman Aslam 2
Mr. Shahmeer Khalid Butt 6 4 2 1
Mr. Samad Ali Naqvi 4 1

Ms. Sidrah Kanwar 4
Management
Mr. Ahson Nasim 1

Ms. Zehra Faiz 1
Mr. Jalal Meghani 5 4 2 4 1
Mr. Amin Nizar Ali 4
Mr. Manzar Mushtaq 4 2 1 3
66
Annual Report 2022
Internal Audit Function

The Internal Audit Department of the company operates under a defined scope and authority,
outlined in the approved Internal Audit Charter. This department follows a risk-based
methodology for conducting internal audits, evaluating the effectiveness and sufficiency of
internal controls, consistency in policy and procedure application, and adherence to laws and
regulations. Based on the reports generated by the internal audit function, process owners take
corrective actions to enhance controls. To preserve its impartiality and independence, the
Internal Audit Department reports to the Board Audit Committee (BAC) in a functional capacity
and to the CEO in an administrative capacity.
Risk and Opportunity

The company has a strong risk management system in place. The Board of Directors closely
monitors risks, both internal and external, and performs comprehensive assessments to ensure
smooth business operations and to take advantage of opportunities that align with the
company's long-term strategies and vision. They are diligent in identifying and mitigating risks.
Material Changes
Following are the material changes happened during the year:
• Company got listed on the stock exchange (PSX) through an offer for sale by parent Company
• Mr. Manzar Mushtaq was appointed as Chief Executive Officer of the Company
Holding Company
The Company is a subsidiary of the Adamjee Insurance Company Limited.
Corporate and Financial Reporting Frame Work

• The financial statements prepared by the management of the Company present fairly its state
of affairs, the result of its operations, cash flow and changes in equity.
• Proper books of accounts have been maintained by the Company.
• Appropriate accounting policies have been consistently applied in preparation of financial
statements and accounting estimates are based on reasonable and prudent judgment.
• The International Accounting Standards, as applicable in Pakistan, have been followed in
preparation of financial statements and any departure there from has been adequately
disclosed.
• System of internal control is sound in design and has been effectively implemented and
monitored.
• There are no significant doubts upon the Company's ability to continue as a going concern.
• There has been no material departure from the best practices of Corporate Governance, as
detailed in the listing regulations.
• The key operating and financial data for the last six years is annexed.
• The value of assets of gratuity fund as on December 31, 2022 is Rs. 184 Million.
67
Annual Report 2022
Acknowledgement
The Company's talented and distinguished executives, personnel, and field force made a
significant contribution to its development and progress, and the Directors want to publicly
express their gratitude for this. Their persistent dedication to upholding the highest ethical
standards, providing excellent customer service, and working hard have enabled your company
to establish and hold its position as one of the top players among private sector life insurers.
We must also express our thanks to Adamjee General for their ongoing support and direction,
which have helped the company build a solid reputation in the marketplace.
Finally, we would like to express our gratitude to the Securities and Exchange Commission of
Pakistan for their support and cooperation throughout the year as well as to our clients for their
faith in us.
Sheikh Muhammad Jawed Manzar Mushtaq

February 10, 2023 Chairman Board of Directors Chief Executive Officer
68
Annual Report 2022
69
Annual Report 2022
PSX)
184 2022 31
70
Annual Report 2022
2016
: 2016
.1
2
.3
، ،
BAC)
71
Annual Report 2022
( AGM) 2022
AGM BIC EHRRNC BAC
1 4 2 4 6 2022
1 4 2 4 6
1 1 2 2 5
3
4 1 4 6
3 6
2
1 2 4 6
1 4
4
1
1
1 4 2 4 5
4
3 1 2 4
PMG ، IT ،(IMC)
72
Annual Report 2022
PSX 2016 2019،
2019 ، PSX
2016
73
Annual Report 2022
(CSR)
، ، (CSR) CSR
: CSR
(Heat Wave)
-
"
41
74
Annual Report 2022
1.25
2023
1.03 2021 1.99 2022
( IFS)
2022 29 IFS
A IFS
PACRA
: 2022
( NFEH CSR
، ،
،
75
Annual Report 2022
9 61.8 2022 31
PST) SST) PRA)
4.238 4.238 4.166
18.5 184 2022 31
49 38 155.5
2023
2 23-2022
21
Fintech
76
Annual Report 2022
17.94
36.97 10.21
2.5 1.4
1,441
19.18 1,783
208 73
2021
4.65
1.99 231 810
11.27- KSE 100 6.36-
14
30 83 90
92
77
Annual Report 2022
2022 31
:
2021 30 2022 31
---------- 000 ----------

20,658,169 20,948,801
20,128,118 20,315,452
3,128,020 3,734,153
18,595,929 19,171,741
4,429,004 4,067,554
231,205 810,310
173,804 497,702
56,677,955 61,810,326
3,249,728 3,748,290
---------- ----------
1.03 1.99
CPI 2022
78
Adamjee Life Assurance Co. Ltd.
Head Office: 3rd and 4th Floor, Adamjee House, I.I.Chundrigar Road, Karachi - 74000.
+92 (21) 111-11-5433 +92 (21) 38677100, 37134900 +92 (21) 38630011 www.adamjeelife.com

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ADAMJEE LIFE AS YOUR

TRUSTED INSURANCE PARTNER

The company's ﬁnancial backing by the Nishat Group and its

STRATEGIC REPORT 5.2.

2. Internal & External Environment 4. Compliance with the Code of

1.7. Financial Ratios 99

2. IFRS Financial Statements

Adamjee Life Assurance was formed as a result of a

Our philosophy is derived from in-depth strategy,

The Group has notable presence in following business sectors:

Banking & Agriculture

Product innovation Reduce complains

Key Products and

Individual products are broadly bifurcated into two

The second channel is our direct approach which

Saving & Protection plans

Group Life Products

Group We provide an overall

Saving & Protection plans Unit Linked

Due to its highly contagious nature, health

CALL CENTER SERVICES

Mr. Umer Mansha

Mrs. Naz Mansha

Mr. Muhammad Ali Zeb

Mr. Imran Maqbool

Mr. Shahmeer Khalid Butt

Mr. Ahmad Alman Aslam

Mr. Manzar Mushtaq Mr. Jalal Meghani

Dr. Bakht Jamal Mr. Ali Haider

Mr. Amin Nizar Ali Mr. Muhammad Imran

Mr. Absar Azim Burney Ms. Zehra Faiz

Mr. Umer Mansha Chairman/Non-Executive Director

Claim Settlement Committee

Mr. S.M. Jawed Chairman/Non-Executive Director

Risk Management & Compliance Committee

Mr. Muhammad Ali Zeb Chairman/Non-Executive Director

Mr. Manzar Mushtaq Member/Chief Executive Ofﬁcer

Mr. Jalal Meghani Member/Chief Financial Ofﬁcer

Mr. Asif Mirza Secretary/Head of Compliance

Ethics, Human Resource, Remuneration and Nominations Committee

Mr. Shahmeer Khalid Butt Chairman/Independent Director

Mr. S.M. Jawed Chairman/Non-Executive Director

Mr. Shahmeer Khalid Butt Chairman/Independent Director

Mr. S.M. Jawed Member/Non-Executive Director

Mr. Muhammad Ali Zeb Member/Non-Executive Director

Mr. Samad Ali Naqvi Secretary/Head of Internal Audit

KARACHI BAHAWALNAGAR BHAKKAR SARGODHA FATEHPUR

ABBOTTABAD SAHIWAL OKARA SANGLA HILLS MIRPURKHAS

SKARDU VEHARI KOT ADDU SHEIKHPURA HALA

KOTLI BUREWALA KAROR LAL ESAN JHANG NAWABSHAH

MULTAN DUNYA PUR KHANEWAL JHELUM SUKKUR

BAHAWALPUR MUZAFARGARH PAK PATTAN GUJRANWALA SHAHDADPUR

LAYYAH D.G. KHAN FAISALABAD JAMPUR SAKRAND

* Shariah Compliance Officer Claims Committee

Board's Ethics, HR, Remuneration

Head of Internal Audit Head of Compliance

CFO & DMD * Head of Risk Management

Director Information Solutions

Sr. Manager General Affairs